CG12600 - Exemptions: persons who are not chargeable

TCGA92/S2 (1), TCGA92/S9, TCGA92/S10, & TCGA92/S276

Persons, including companies, are not chargeable to tax in respect of chargeable gains if, in the year of assessment or accounting period in which the disposal is made, they are neither

• resident nor, in the case of a person other than a company, ordinarily resident in the UK, nor
• non-resident and carrying on a business in the UK through a branch or agency, see CG13550+, nor
• associated with exploration or exploitation activities in a designated area of the continental shelf.

See CG10700+, CG10900+ and CG42300+. The exemption is extended by ESC/D2, see CG25720+. If an individual is only a temporary resident in the United Kingdom, see CG25100+.

TCGA92/S12

Gains accruing on the disposal of foreign assets by an individual with foreign domicile are not chargeable gains unless

• the gains are received in the UK, and
• the individual is resident or ordinarily resident in the UK.

See CG25300+.